关税：对股票流动性的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-06 DOI:10.1016/j.frl.2025.107907

Darius Fatemi, Jang-Chul Kim, Sharif Mazumder, Qing Su

{"title":"关税：对股票流动性的影响","authors":"Darius Fatemi, Jang-Chul Kim, Sharif Mazumder, Qing Su","doi":"10.1016/j.frl.2025.107907","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the impact of U.S. tariff announcements on stock liquidity in early 2025. Using firm-level data, liquidity deteriorates significantly following key announcements, particularly the April 2 reciprocal tariff plan. Spreads widen and market depth declines, indicating higher trading costs and thinner order books. These effects are consistent across model specifications and industries, with sharper depth reductions in necessity-related sectors. Analysis of 17 key event dates reveals asymmetric market responses, shaped by the perceived economic implications of each announcement. While tariffs were expected under the new administration’s policy stance, markets reacted to the unexpectedly simple and broad application of reciprocal rates. Our findings highlight how specific policy design elements, not just direction, can trigger short-term trading frictions under geopolitical uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107907"},"PeriodicalIF":7.4000,"publicationDate":"2025-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Tariffs: Their implications for stock liquidity\",\"authors\":\"Darius Fatemi, Jang-Chul Kim, Sharif Mazumder, Qing Su\",\"doi\":\"10.1016/j.frl.2025.107907\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the impact of U.S. tariff announcements on stock liquidity in early 2025. Using firm-level data, liquidity deteriorates significantly following key announcements, particularly the April 2 reciprocal tariff plan. Spreads widen and market depth declines, indicating higher trading costs and thinner order books. These effects are consistent across model specifications and industries, with sharper depth reductions in necessity-related sectors. Analysis of 17 key event dates reveals asymmetric market responses, shaped by the perceived economic implications of each announcement. While tariffs were expected under the new administration’s policy stance, markets reacted to the unexpectedly simple and broad application of reciprocal rates. Our findings highlight how specific policy design elements, not just direction, can trigger short-term trading frictions under geopolitical uncertainty.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"85 \",\"pages\":\"Article 107907\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-07-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325011651\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325011651","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究探讨美国关税公告对2025年初股票流动性的影响。从企业层面的数据来看，流动性在关键消息公布后显著恶化，尤其是4月2日的互惠关税计划。价差扩大，市场深度下跌，表明交易成本上升，订单量减少。这些影响在模型规格和行业中是一致的，在与必需品相关的行业中深度下降更明显。对17个关键事件日期的分析显示，市场反应是不对称的，每一项公告的经济影响都会影响市场反应。尽管根据新政府的政策立场，关税是意料之中的，但市场对互惠税率出人意料的简单和广泛应用做出了反应。我们的研究结果强调，在地缘政治不确定的情况下，具体的政策设计因素，而不仅仅是方向，如何引发短期贸易摩擦。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Tariffs: Their implications for stock liquidity

This study investigates the impact of U.S. tariff announcements on stock liquidity in early 2025. Using firm-level data, liquidity deteriorates significantly following key announcements, particularly the April 2 reciprocal tariff plan. Spreads widen and market depth declines, indicating higher trading costs and thinner order books. These effects are consistent across model specifications and industries, with sharper depth reductions in necessity-related sectors. Analysis of 17 key event dates reveals asymmetric market responses, shaped by the perceived economic implications of each announcement. While tariffs were expected under the new administration’s policy stance, markets reacted to the unexpectedly simple and broad application of reciprocal rates. Our findings highlight how specific policy design elements, not just direction, can trigger short-term trading frictions under geopolitical uncertainty.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance